As of January 1st, 2021, new changes to contact The Canadian Revenue Agency (CRA) over the phone will take into effect. CRA is tasked with protecting the information of businesses and individuals and in doing so will require additional information from a person contacting them about financial information.

In our first article published in March on the Medical Cannabis Industry titled SR&ED Eligibility Criteria and Possible Projects in the Medical Cannabis Industry, we continue on educating entrepreneurs and companies within the industry to take advantage of the SR&ED program.

This article will focus on the first stages of the SR&ED project.
To make sure that the correct amount of expenses is claimed, it is very important to determine when the SR&ED project begins.

The Scientific Research and Experimental Development program (SR&ED) was established to support R&D and innovation within Canada. $3 to $5 billion dollars is dedicated to the program annually by the government. Any Canadian company acquiring new knowledge (which is not available in the public domain) by the systematic investigation is eligible for up to 65% refund for its R&D expenses, including salaries, overhead, subcontractors and consumed materials.